Chat with us, powered by LiveChatDaily Analysis EURUSD - 20 Mar 2023

Daily Analysis EURUSD - 20 Mar 2023

Daily Analysis EURUSD - 20 Mar 2023

Daily Analysis EURUSD - 20 Mar 2023

Fundamental Outlook: Two senior executives involved in the discussions have informed Reuters that at least two major banks in Europe are assessing the possibility of contagion within the banking sector of the region. These banks are seeking stronger indications of support from both the Federal Reserve and the European Central Bank to help deal with any potential fallout.

Technical Analysis: The currency pair has been consolidating within a range-bound market, where the 50-day moving average has acted as a significant barrier, while the 200-day exponential moving average has acted as a reliable support. The pair has recently rebounded off the channel's support level for the third time, indicating a bullish market sentiment. Currently, the pair is attempting to test the 8-day exponential moving average, which may provide short-term resistance. Forex traders should monitor the 1.0685 level closely, as it is a crucial resistance level in the near term. If the pair manages to close above the 1.0725 level, it may attract further buying interest from traders. Conversely, if the pair falls below the 1.0610 support level, it may signal further weakness in the market.

Support: 1.0610 - 1.0575 – 1.0540      Resistance: 1.0685 – 1.0710 – 1.0725

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